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Using AI to detect fraud. Leveraging the capabilities of artificial intelligence (AI), machine learning and predictive modeling, insurers are now able to identify instances of suspicious behaviors and proactively protect themselves against fraudulent claims. (Photo: THANANIT/Adobe Stock)

Insurance claims fraud has been a consistent source of frustration for carriers for decades. Despite their best efforts, insurers are still left paying millions of dollars in fraudulent claims annually. According to the FBI, the total cost of insurance fraud is more than $40 billion per year.

Unfortunately, that impact trickles down to consumers, who in turn are paying anywhere from $400 to $700 per year in increased premiums.

 

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